Thousands of Americans collecting structured settlement, annuity, or lottery payments don't want to wait months or even years to get their money. For recipients who do not want to wait on periodic payments or for those whose circumstances have changed and need money now, there are many companies that will buy your future payments and give you a lump sum now.
What is the first step?
First you will need to determine what your financial needs and goals are, both immediately and long term. Only you and your family can decide. This is a personal decision and should be looked at very carefully before conducting any transactions. Once you have evaluated your needs, decide how much money you want or need.
Get a quote!
When choosing to sell structured settlement, annuity, or lottery payments you should get at least three to four quotes, also commonly referred to as an appraisal of payments. These quotes or appraisals will tell you how much your future payments are currently worth as a lump sum.
You can choose to sell all or part of your payments. The value of your payments is determined by inflation, and TVM (Time Value of Money). Structured settlement, annuity, or lottery payments lose value as time goes on. Your initial 5 or 10 years of payments are worth more then the last 5 or 10 years.
Why are your payments not all worth the same?
A portion of your payment already includes a certain amount of interest you have not earned yet. The same dollar amount in ten years will not be worth as much as the dollar amount today due to inflation and increased costs of living. When you sell payments the interest that you have not earned yet is factored into the dollar amount of your quote. Since you no longer have to wait ten or twenty years for this money, you will not earn interest on it either.
Deciding which structured settlement company you will sell payments to.
There are so many companies competing to buy your structured settlement and annuity payments that it is almost guaranteed that you will get the largest lump sum possible. However, there are some that will offer to beat any other written offer, or even allow you to sell payments outside of the guaranteed period. Look for a company that has been established for a while. Avoid companies that try to pressure you. There should never be a feeling of obligation.
What comes after you get a quote for your settlement, annuity, or lottery payments?
After you have found out how much your payments are worth, you know how much money you want or need, and you have decided you want to sell your payments, you will need to get a copy of your proof of benefits. The company purchasing your payments will require you to show proof of your settlement agreement. Once your benefits have been verified the settlement purchasing company will supply you with information on the transaction in detail and a court will review the transaction to make sure that selling your payments is in fact in your best interest and that it will not negatively or adversely affect you or your family.
How long will it take to get your money?
Depending on which state you live in, where your case was settled, and the court reviewing your sale. The entire process can take 45-90 days. Usually your money will be wire transferred to you as soon as the company is notified that your transaction has been approved.
To find out how your right to sell your payments are protected
and
to get more information call toll free 1-866-865-7044.
Get informed, get the advantage, and get ahead!
www.woodbridgeinvestments.com
4 comments:
There are three types of annuity calculators, namely immediate, present and future which you can use to calculate the return of your annuity. Present value annuity calculator can help you figure out the worth of a stream of payments extending into the future. By taking the annual payment, number of payment periods, and the interest rate (or discount rate) of the annuity, this tool can calculate the value of that annuity stated in terms of today's dollars.
A portion of your payment already includes a certain amount of interest you have not earned yet. The same dollar amount in ten years will not be worth as much as the dollar amount today due to inflation and increased costs of living. When you sell payments the interest that you have not earned yet is factored into the dollar amount of your quote.
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nice blog.
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